Welcome to our dedicated page for Marathon Oil Corporation news (Ticker: MRO), a resource for investors and traders seeking the latest updates and insights on Marathon Oil Corporation stock.
Marathon Oil Corporation (NYSE: MRO) is a leading American company specializing in hydrocarbon exploration and production. With a strong focus on unconventional resources in the United States, the company operates in four key resource plays: Eagle Ford in Texas, Bakken in North Dakota, STACK and SCOOP in Oklahoma, and the Permian in New Mexico and Texas. Complementing its U.S. operations is a world-class integrated gas business located in Equatorial Guinea.
Marathon Oil is dedicated to the exploration, production, and marketing of crude oil, condensate, natural gas liquids (NGLs), and natural gas. In 2023, the company reported net proved reserves of 1.1 billion barrels of oil equivalent, with an average daily net production of 405 thousand barrels of oil equivalent. The production ratio comprised about 70% oil and NGLs and 30% natural gas.
Recent achievements highlight the company's robust financial health and operational success. For the full year 2023, Marathon Oil reported net income of $1,554 million and adjusted net income of $1,587 million. The company generated free cash flow of $2,029 million and returned $1.7 billion to shareholders while reducing gross debt by $500 million.
Marathon Oil's strategic projects include the development of longer lateral wells, enhancing resource recovery through refrac and redevelopment programs, and improving capital efficiency. In addition, the company's global LNG pricing structure in Equatorial Guinea has significantly uplifted the value of its LNG sales.
Committed to environmental, social, and governance (ESG) excellence, Marathon Oil achieved its 2025 greenhouse gas (GHG) intensity reduction goal two years ahead of schedule, improved its safety performance to record-low incident rates, and made significant social investments in local communities.
For more information on Marathon Oil's latest updates, financial performance, and strategic initiatives, please visit their website at www.marathonoil.com.
Marathon Oil Corporation (NYSE: MRO) has released preliminary estimates for Q1 2021, impacted by Winter Storm Uri. Expected cash flow from operations ranges from $610 million to $630 million, with capital expenditures around $200 million. The company's oil production is estimated at 172,000 net bopd, while total oil-equivalent production stands at 345,000 net boed. The report highlights significant derivative losses of $71 million and increased administrative costs due to restructuring efforts.
Marathon Oil Corporation (NYSE: MRO) has announced that it will release its first quarter 2021 earnings on May 5, 2021, after U.S. market close. A conference call will follow on May 6, 2021, at 9 a.m. ET, which will include forward-looking information. Interested parties can access the earnings release and investor materials via the company's official website. This announcement comes as investors await crucial financial data that could impact MRO's stock performance.
On March 30, 2021, Marathon Oil Corporation (MRO) announced its intention to redeem $500 million of 2.8% Senior Notes due 2022 on April 29, 2021. This move will lower gross debt and annual interest expenses by $14 million. According to CEO Lee Tillman, this action aligns with the company's commitment to reduce gross debt by at least $500 million in 2021 and is essential for directing 30% of cash flow towards investors. The strategic step aims to enhance their investment-grade balance sheet and support sustainable free cash flow generation.
Marathon Oil Corporation (NYSE:MRO) has announced the election of Holli C. Ladhani to its board of directors, effective March 31, 2021. The company believes her extensive leadership experience, strong financial background, and knowledge of the energy industry will enhance the board's capability to execute strategies aimed at delivering robust corporate returns and sustainable free cash flow. Ladhani, previously the President and CEO of Select Energy, will serve on the Audit and Finance and Health, Environmental, Safety, and Corporate Responsibility committees.
Marathon Oil Corporation (NYSE:MRO) reported a fourth quarter net loss of $338 million, with an adjusted net loss of $98 million. For the full year 2020, the company incurred a net loss of $1.451 billion. The 2021 capital expenditure budget is set at $1 billion, targeting $1 billion in free cash flow at $50/bbl WTI. The company aims for a cumulative free cash flow of ~$5 billion through 2025, with a breakeven below $35/bbl WTI. Marathon also reinstated its dividend, returned ~$250 million to investors, and plans to reduce gross debt by $500 million in 2021.
Marathon Oil Corporation (NYSE: MRO) has announced a rescheduling of its fourth quarter and full-year 2020 earnings release to February 22, after the close of U.S. markets. The accompanying conference call will occur on February 23 at 10 a.m. ET. The change is attributed to recent inclement weather affecting Texas. This release will contain forward-looking information, crucial for investors and stakeholders.
Marathon Oil Corporation (NYSE: MRO) announced updates on its ESG performance, highlighting a 25% reduction in CEO and Board compensation. Changes include a simplified short-term incentive scorecard focusing on safety, environmental performance, and financial strength while eliminating production metrics. The long-term incentive framework was redesigned to incorporate free cash flow metrics and set new targets for reducing greenhouse gas emissions intensity by over 30% in 2021 and over 50% by 2025. The company aims to achieve continued safety improvements and enhance shareholder value through better governance.
Marathon Oil Corporation (NYSE: MRO) has declared a dividend of 3 cents per share on its common stock. The dividend will be payable on March 10, 2021, to shareholders recorded by February 17, 2021. This announcement reflects the company's ongoing commitment to returning value to its shareholders, showcasing confidence in its financial stability and operational performance.
Marathon Oil Corporation (NYSE: MRO) will release its fourth quarter and full-year 2020 earnings on February 17, after U.S. market close. A conference call is scheduled for February 18 at 9 a.m. ET, featuring forward-looking information. Investors can access earnings releases and materials on the company's website at MarathonOil.com. This announcement sets the stage for potential insights into the company's performance and future guidance.
Marathon Oil Corporation (NYSE:MRO) announced the election of Brent Smolik to its board of directors effective January 11, 2021. Chairman and CEO Lee Tillman expressed confidence in Smolik’s extensive experience in the oil and gas sector, which spans over 35 years, including leadership roles at major companies like Noble Energy and ConocoPhillips. The board anticipates that Smolik's insights will enhance Marathon's strategy focused on achieving competitive returns, sustainable cash flow generation, and capital returns to shareholders.
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